GBPUSD facing bullish pressure as it broke out of descending trendline resistance. Prices are appraoching resistance level in line with horizontal swing high resistance, 61.8% Fibonacci extension and 50% Fibonacci retracement . Prices if broke through resistance might continue to push up towards horizontal swing high resistance in line with 100% Fibonacci extension and 78.6% Fibonacci retracement . If prices reverses, prices might take support on horizontal overlap support in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension . Ichimoku cloud is also below prices, showing a bullish pressure for prices.
Trading Recommendation
Entry: 1.38730
Reason for Entry:
Horizontal swing high resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension
Take Profit: 1.39394
Reason for Take Profit:
Horizontal swing high resistance, 100% Fibonacci extension, 78.6% Fibonacci retracement
Stop Loss: 1.38205
Reason for Stop Loss:
Horizontal overlap support, 38.2% Fibonacci retracement, 61.8% Fibonacci extension
